Published: Thursday, August 15, 2013 at 4:26 p.m.

Last Modified: Thursday, August 15, 2013 at 4:26 p.m.

The late Eddie Smith's 1967 Ferrari 275 GTB/4-S N.A.R.T. Spider by Scaglietti will be auctioned during a sale by RM Auctions in Pebble Beach on Friday and Saturday. The sale price is expected to be $14-17 million. The Smith family said they will donate the proceeds to charity.

Photo from www.rmauctions.com

It just so happens that it is one of the rarest cars ever crafted by Ferrari and is expected to bring at least $14 million at RM Auctions in Pebble Beach, Calif., on Friday and Saturday.

"It is bittersweet feeling," said Eddie Smith Jr., Smith's son. "We have had 45 years of wonderful memories driving to Florida to the races, and my sister, Lynda, spent a lot of time with Dad and the car, but we feel it is important to further his legacy. I think this would make him happy"

An interview with Smith discussing his father's life and legacy will air on "CBS This Morning" between 8 and 9 a.m. Friday.

Smith, who died in 2007 at the age of 88, is one Lexington's most cherished rags-to-riches example of the American dream. He spent his childhood as an orphan at what is now the American Children's Home, started his own mail order company and made a personal fortune. As a private citizen, he dedicated his wealth and leadership to many civic causes.

Smith was an avid car enthusiast who was known to make practice runs at international raceways in one of the several Ferraris he owned while wearing his fireproof driving suit. Because of his passion for cars, Smith became friends with Luigi Chinetti, the man who launched Ferrari's U.S. business and helped build its racing reputation. Chinetti talked the founder of the car company, Enzo Ferrari, and coach builder Pininfarina into building him a convertible model of the 1966 Ferrari GTB 275/4 with its 300 horsepower V-12.

Chinetti planned on building 25 of these cars, but only 10 were built. Smith picked up his car at the factory in northern Italy in 1966 at a cost of $8,000. Those 10 cars — dubbed the N.A.R.T. Spyder, for Chinetti's North American Racing Team — rank among the most desirable Ferraris ever built.

Since Smith's death in 2007, the car has been stored in a specially built garage within an airplane hangar, complete with his racing suit and worn deck shoes that he wore when he drove.

"It has been in prison in that garage," Smith said. "Dad wouldn't want the car to be shut away, he would want it to be enjoyed. Even when the value reached went over a million dollars, he would still drive it."

RM Auctions suspects that Smith's old car may be one of the most expensive vehicles ever sold at Pebble Beach. Smith says that he knew the vehicle was highly valued but was shocked when the estimated price was listed at $14 million. In keeping with their father's teachings of generosity, the Smith family will donate all of the proceeds of the auction to a variety of charities.

"We don't want to name which charities, but we have several causes that are near and dear to our heart," Smith said. "We are really excited that selling this car will touch thousands of people's lives. He always taught us to give back, so I know Dad would be pleased."

The family decided to sell the car after an experience in Savannah, Ga., last year. They brought the car to a Ferrari Club of America meeting where his entire family and the Ferrari community celebrated Smith's life.

"People enjoyed the car so much that it almost brought them to tears," Smith said. "So we decided the car needs to be somewhere where it can be seen and appreciated."

Smith said that even though his father owned several Ferraris, the N.A.R.T. Spyder was his favorite.

"Others came and went, but he hung on to this one because he loved it," Smith said. "It wasn't because it was collectable, but because he loved the look, the sound and the feel of it. He wouldn't sell it for any price."

Smith was born in Wake County and lived with his siblings at the Junior Order Home outside Lexington after their parents died in the 1930s. After he turned 17, Smith ushered at the Carolina Theater in Lexington, where he met his wife, Sarah Lanier.

After six years at Lexington Mail Order Co., he went out on his own and started National Wholesale Co., a mail-order hosiery business. Smith was mayor of Lexington between 1970 and 1975. He chaired boards for Lexington Memorial Hospital, Davidson County Community College and the Lexington Area Chamber of Commerce.

Smith himself never forgot his orphanage upbringing, even rising early every morning to cook breakfast for his employees. He led fundraising drives for the local hospitals and the Davidson County Library Foundation. Smith also raised money to save and improve the Carolina Theater and turn it into the city's civic center, which was named for him in 1995. He was also a private pilot who believed a good air facility would attract economic development and helped win state and federal grants for the Davidson County Airport.

Smith Jr. said many people have memories of his father driving one of his Ferraris around Lexington. He says he is proud of what his father has accomplished and is happy that he is still giving back to the less fortunate even years after his death.

"Not too shabby for a small-town boy," Smith said.

Sharon Myers can be reached at 249-3981, ext, 228 or at sharon.myers@the-dispatch.com.

<p>A Ferrari that was once owned by former Lexington mayor and self-made millionaire Eddie Smith is being auctioned off this weekend.</p><p>It just so happens that it is one of the rarest cars ever crafted by Ferrari and is expected to bring at least $14 million at RM Auctions in Pebble Beach, Calif., on Friday and Saturday.</p><p>"It is bittersweet feeling," said Eddie Smith Jr., Smith's son. "We have had 45 years of wonderful memories driving to Florida to the races, and my sister, Lynda, spent a lot of time with Dad and the car, but we feel it is important to further his legacy. I think this would make him happy"</p><p>An interview with Smith discussing his father's life and legacy will air on "CBS This Morning" between 8 and 9 a.m. Friday.</p><p>Smith, who died in 2007 at the age of 88, is one Lexington's most cherished rags-to-riches example of the American dream. He spent his childhood as an orphan at what is now the American Children's Home, started his own mail order company and made a personal fortune. As a private citizen, he dedicated his wealth and leadership to many civic causes.</p><p>Smith was an avid car enthusiast who was known to make practice runs at international raceways in one of the several Ferraris he owned while wearing his fireproof driving suit. Because of his passion for cars, Smith became friends with Luigi Chinetti, the man who launched Ferrari's U.S. business and helped build its racing reputation. Chinetti talked the founder of the car company, Enzo Ferrari, and coach builder Pininfarina into building him a convertible model of the 1966 Ferrari GTB 275/4 with its 300 horsepower V-12. </p><p>Chinetti planned on building 25 of these cars, but only 10 were built. Smith picked up his car at the factory in northern Italy in 1966 at a cost of $8,000. Those 10 cars — dubbed the N.A.R.T. Spyder, for Chinetti's North American Racing Team — rank among the most desirable Ferraris ever built.</p><p>Since Smith's death in 2007, the car has been stored in a specially built garage within an airplane hangar, complete with his racing suit and worn deck shoes that he wore when he drove. </p><p>"It has been in prison in that garage," Smith said. "Dad wouldn't want the car to be shut away, he would want it to be enjoyed. Even when the value reached went over a million dollars, he would still drive it."</p><p>RM Auctions suspects that Smith's old car may be one of the most expensive vehicles ever sold at Pebble Beach. Smith says that he knew the vehicle was highly valued but was shocked when the estimated price was listed at $14 million. In keeping with their father's teachings of generosity, the Smith family will donate all of the proceeds of the auction to a variety of charities. </p><p>"We don't want to name which charities, but we have several causes that are near and dear to our heart," Smith said. "We are really excited that selling this car will touch thousands of people's lives. He always taught us to give back, so I know Dad would be pleased."</p><p>The family decided to sell the car after an experience in Savannah, Ga., last year. They brought the car to a Ferrari Club of America meeting where his entire family and the Ferrari community celebrated Smith's life.</p><p>"People enjoyed the car so much that it almost brought them to tears," Smith said. "So we decided the car needs to be somewhere where it can be seen and appreciated."</p><p>Smith said that even though his father owned several Ferraris, the N.A.R.T. Spyder was his favorite. </p><p>"Others came and went, but he hung on to this one because he loved it," Smith said. "It wasn't because it was collectable, but because he loved the look, the sound and the feel of it. He wouldn't sell it for any price."</p><p>Smith was born in Wake County and lived with his siblings at the Junior Order Home outside Lexington after their parents died in the 1930s. After he turned 17, Smith ushered at the Carolina Theater in Lexington, where he met his wife, Sarah Lanier.</p><p>After six years at Lexington Mail Order Co., he went out on his own and started National Wholesale Co., a mail-order hosiery business. Smith was mayor of Lexington between 1970 and 1975. He chaired boards for Lexington Memorial Hospital, Davidson County Community College and the Lexington Area Chamber of Commerce. </p><p>Smith himself never forgot his orphanage upbringing, even rising early every morning to cook breakfast for his employees. He led fundraising drives for the local hospitals and the Davidson County Library Foundation. Smith also raised money to save and improve the Carolina Theater and turn it into the city's civic center, which was named for him in 1995. He was also a private pilot who believed a good air facility would attract economic development and helped win state and federal grants for the Davidson County Airport.</p><p>Smith Jr. said many people have memories of his father driving one of his Ferraris around Lexington. He says he is proud of what his father has accomplished and is happy that he is still giving back to the less fortunate even years after his death. </p><p>"Not too shabby for a small-town boy," Smith said.</p><p>Sharon Myers can be reached at 249-3981, ext, 228 or at sharon.myers@the-dispatch.com.</p>